The iPhone 5S release date will be in the second half of 2013, according to reports.

DigiTimes is reporting that Apple is planning to launch a new low-cost version of the iPhone in the second half of this year. The company is attempting to sell more iPhones in target markets such as China by lowering the price on the iPhone.

This news originated from some inside sources who also stated that this new low-cost iPhone will come with a larger display that is closer to 5-inches and a brand new exterior design.

Rumors of this low cost iPhone have been surfacing for a long time, however, they mostly pointed to Apple releasing a shrunken down version of its smartphone.

However, it appears that the general consensus is that Apple will go bigger for its next-generation model.

Topeka Capital Markets analyst Brian White predicted last week that the handset might be available in multiple screen sizes.

White believes that Apple launched the 5th generation iPod Touch in multiple colors in order to test the waters for the next generation iPhone. The strategy appeared to work with the media device, and Apple will now use it on the iPhone and eventually will launch an iPad with several color options as well.

His theory on the next iPhone's screen size points to Apple releasing a few different variants with some made for the low-end market. Apple could better penetrate markets such as China and open up opportunities in India with a lower-end model.

The possibility of Apple making the next-generation iPhone's screen bigger seems a bit more likely than usual, as the 4-inch display found on the iPhone 5 is not that much different from the 3.5-inch one found on the iPhone 4.